The road that should lead to an agreement between Unicredit and Premafin for the safety of Fonsai is a long road full of obstacles.
A few days ago Consob agreed to the exemption from the takeover bid and a new examination is looming: the dossier will now be examined by the Antitrust and it is not said that new problems will arise.
As he writes the Sun 24 Hoursindeed, the methods and implications of the bailout are on a collision course with the commitments made by Unicredit at the time of the merger with Capitalia. In the worst-case scenario, this situation could lead to the opening of non-compliance proceedings against the institution.
The Piazza Cordusio group had had to agree to halve its stake in Mediobanca (from 18% to 9,39% of the capital), so as to reduce its position of control over the Piazzetta Cuccia institution. The effects of the bailout would appear to run counter to that process.
In detail, Fonsai is a shareholder of Mediobanca with a 4% stake and the strengthening of Unicredit (today with a Mediobanca stake of 8,6%) on the insurance group would bring its influence on the Piazzetta Cuccia institution to around 13%. As if that weren't enough, all of this is happening just as the season of rethinking the shareholders' agreement in Mediobanca is opening.
